In Muni Bond Ills, Danger And Hope (WSJ)
"People have been through the tech bubble and the real-estate bubble, and they are scared," says Peter Demirali, a managing director at Cumberland Advisors, an investment firm in Sarasota, Fla. "When they are told there is another bomb to go off, they head for the hills."
Stiglitz Expects 2 Million U.S. Foreclosures This Year (Bloomberg)
Joseph Stiglitz said another 2 million foreclosures are expected in the U.S. this year, adding to the 7 million that have occurred since the economic crisis of 2008. “U.S. foreclosures are continuing apace,” Stiglitz told a conference near Port Louis, the capital of Mauritius, today. “A quarter of U.S. homes are underwater.”
St. Joe Company Exploring Possible Sale (BusinessWeek)
Board members will consider everything from a revised business plan, operating partnerships, joint ventures, asset sales, and sale of the company, among other options, the company said.
AIG To Book $4.1 Billion Charge (WSJ)
About 80% of the newest charge relates to four classes of businesses: asbestos, excess casualty, excess workers' compensation and primary workers' compensation. And the majority of the strengthening relates to developments in accident years 2005 and earlier.
Morgan Stanley May Turn Proprietary Group Into Client Business (Bloomberg)
A final decision hasn’t been made about the group, known as Equity Trading Lab, or ETL, said one of the people, who declined to be named because the talks aren’t public. New York-based Morgan Stanley said last month that it plans to break off its largest proprietary-trading group, Process Driven Trading, or PDT, as an independent advisory firm by the end of 2012. Mary Claire Delaney, a Morgan Stanley spokeswoman, declined to comment.
JPMorgan Fires Back at Trustee for Madoff Victims (Reuters)
"The trustee's massive damages action against JPMorgan bears no resemblance to a typical lawsuit commenced by a bankruptcy trustee," JPMorgan's lawyers said in a court filing late Tuesday. "In substance," the bank said, "the trustee is trying to pursue an enormous back-door class action."
London , Toronto Exchanges To Merge (WSJ)
London Stock Exchange Group PLC and Toronto bourse operator TMX Group Inc. said Wednesday they had agreed to an all-share merger, sending LSE shares up as much as 10% in European trade.
SEC To Wean Markets Of Credit Ratings (Reuters)
The Securities and Exchange Commission is expected to propose that one of its key documents for securities offerings no longer include ratings references designed to give investors confidence in the company behind the securities offering.
UBS Whistleblower Finds Himself In Federal Prison (CNBC)
After Birkenfeld's disclosures, the IRS offered an amnesty program for Americans with secret Swiss bank accounts. Over 15,000 people disclosed their hidden accounts in exchange for lighter penalties from the government. But the government says Birkenfeld held crucial information from them, and charged him with conspiracy to commit tax fraud, which is why he's behind bars today and serving a 40-month sentence. He says the earliest he expects to be released is the spring of 2012.